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UAE official reaffirms commitment to OPEC agreements on oil output after speculation

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UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei on Wednesday played down speculation that the UAE would unilaterally increase its oil production after a statement by an Emirati diplomat was seemingly misconstrued.

“The UAE is committed to the OPEC+ agreement and its existing monthly production adjustment mechanism,” Al Mazrouei said in a tweet.

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He added: “The UAE believes in the value OPEC+ brings to the oil market.”

Al Mazrouei’s remarks came shortly after the UAE Ambassador to the US Yousef Al Otaiba said his country was “in favor” of production increases.

“We favor production increases and will be encouraging OPEC to consider higher production levels,” Al Otaiba said in a statement carried by the UAE Embassy in Washington.

Gulf countries, specifically Saudi Arabia and the UAE, play an influential role in market prices.

US President Joe Biden has unsuccessfully lobbied Gulf countries to increase their output as energy prices soar due to the Russian invasion of Ukraine and crushing economic sanctions from the US and Europe.

Europe has also urged OPEC to increase production.

Read more: OPEC meets with US shale executives as oil prices skyrocket

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